People who live in the Isle of Man will win prizes in a new online lottery

The Quanta Prize Draw offers players 21 guaranteed prizes each week.

The catch is that players must use Ethereum, a digital crypto currency, to buy ’Quanta game tokens’, with any winnings paid out in Quanta Game Tokens to then be exchanged back into Ethereum.

The company behind the promotion says that each week’s prize draw has a one in 16 chance of being a jackpot draw with a top prize equivalent to £10,000 up for grabs.

It’s run by Quanta, which employs 14 people on Goldie Terrace, Douglas.

The Examiner asked whether the winners would definitely be based in the Isle of Man.

Quanta’s public relations spokesman said that all entrants would be Isle of Man residents initially, so by default any winners would be from the island.

There will be a minimum of 18 prizes available from the prize fund.

Draws will take place every Friday at midday with tickets (Quanta Game Tokens) costing the equivalent of £1 each, with purchases limited to 30 tickets per draw subject to satisfactory ’know your customer’ approval.

The Quanta Lottery uses a blockchain platform, which uses small contracts and an innovative random number generator (RNG) to manage ticket purchases and decide the outcome of each draw, making it a safer way to play the lottery.

[Blockchain is a system in which a record of transactions made in cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.]

register

To take part, players will need to register and download the Quanta Game Wallet from myquanta.im and register their details with their Quanta Game Token address.

Ethereum deposits can be made into this wallet, which can then be used to buy Quanta game tokens and play the Quanta prize draw.

Quanta is the first licensed blockchain lottery operator in the world. It is licensed by the Isle of Man Gambling Supervision Commission.

’This is a very exciting time for Quanta,’ said Kostas Farris, chief technical officer and Director at Quanta Technology Ltd.

’We are the world’s first licensed blockchain lottery and we are delighted to be based here on the Isle of Man.

’Our plan is to launch locally to begin with, and then roll out our new products to the Isle of Man and other markets around the world.

’With the jackpot prize being underwritten to the equivalent of £10,000 to begin with, it is a fantastic opportunity and we are hoping that someone on the island wins the top prize.’